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I just got accepted to the MFE Program at Oxford. I wanted to share my experience so that it may help others. I was in your shoes applying to the MFE program with very little information, so I hope this post helps you if you are applying.
As you may know, there are two rounds of shortlisting for the MFE Program - one based on a profile screen (call for interview); then a final decision (post interviews)... some individuals get in without interviews.
The stage to get to the interview is fairly straight forward (meet the minimum 3.5 cGPA cut-off - not sure if that a non-negotiable - sometimes the schools will make exceptions for otherwise excellent candidates - not sure if that is the case at Oxford). Also the website states meet an 85th percentile for Quant and 80th percentile Verbal and AWA of at least 5 - these are standard requirements - do not mess around get the check in the box and move on. The second thing they look at is work experience. This program is early career - so it does not require tons of internship exp. max a few months to a year at a notable institution. Ideally, you already have something lined up - does not need to be the most prestigious place but something respectable - think Big 4.
Once you have this and a strong GPA (say 3.5+) with some quant courses (think stats, economics (taught through calculus), and basic uni level business calc) - you should be set to apply. Meeting the above should give you a pretty good shot at an interview.
Once you are at an interview - your interview may be technical (very likely it will be technical) - this is a hard thing to advise on because I struggled to learn everything before the interview (I knew the content but it was not fresh in my head - think intermediate Micro, Marco, stats, prob, etc.). Your interview will likely depend on a mixture of two things - your academic background and your interviewer's background. Once you receive confirmation of your interview, start prepping by reviewing all of your undergrad econ - REMEMBER THIS IS AN ECONOMICS MASTERS more than FINANCE. KNOW YOUR ECONOMICS!!!! Then, once you know your interviewer start reviewing concepts relevant to their field as that is likely what you will be asked. You may get lucky an not get any technicals - but that is usually if you already have a math background or strong quant score, or some mix. I HIGHLY ADVISE YOU TO SCHEDULE AN IN PERSON INTERVIEW. It is a good way to visit the school and truly see if Oxford is the right place for you to study. Take a tour of the campus - live and breath the life of an Oxford student - even if you live far away take the time to visit. It will show you are serious about the program... and in-person interviews are usually better than skype.
During your interview - maintain your composure. Know exactly what you want to do - do not be wishy washy - show that you are clear in your goals - and understand precisely how Oxford can help you get there. In addition to which, please PREPARE GOOD QUESTIONS for the interviewer. I know it will be hard especially after a technical interview - but be a human and ask good questions to build a connection with your interviewer... and also to show you are thinking very deeply about your future at Oxford.
The last thing I wanted to cover was the kinds of questions I was asked and the resources I recommend to prep:
1) Case Study about Insurance in the Health Care Market - Game Theory oriented - testing Adverse Selection - the Market for Lemons (Car) and how that could lead to a market collapse
2) Resources I recommend to study from: i) Yale Online Course on Game Theory taught by Ben Polak; ii) Jacob Clifford Econ Videos (YouTube); iii) Andrei Galanchuk (all micro videos, statistics videos, applied mirco videos); iv) game theory logic riddles (see mscl. on You Tube - try the Ted-Ed Riddles).
The day before your interview take it easy.
Hope this helps!
Good luck.
EDIT: I just finished my final exams for the degree. I am going to spend the next few paragraphs providing my insights on the degree. I feel no one ever does this, so it will really help.
Few points:
1. Oxford MFE is a proper academic master's. I have never worked so hard for a degree. Studying for it is like drinking through a fire hose. On average you will have 4 fore courses (econometrics, asset pricing, corporate finance theory, and economics) for each class you will have three hours of class instruction per week plus 3 hours of supplementary class time (in which you go over problem sets - you have to attend these as they are crucial to the course work). That is 6 hours per course of class instruction. The material is *very dense* especially if you do not come from an econ background (and frankly, even if you are from an econ background). That is, 6*4 = 24 hours of class time, then for each hour of class time it is highly advised that you study 12 hours on problem sets and class revision per class per week. That is, 12*4 = 48 additional hours. On top of that, you will have to take mandatory python courses, and in our year we had async content for each course which was roughly 4 hours per week per course (4 *4 = 16). Therefore, in total you are looking at 24+48+16 = 88 hours per week. The course is designed such that you will struggle to keep up. My peers and I felt that it was impossible to keep up at all times. It is like a job staying on top of everything. You are roughly working 12 hour days studying (if you are a good student). The material is quite rigorous, and many of your peers will go on to do PhDs.
TLDR: Do not go into the degree expecting to lay back and coast - you will be working your butt off like a madman.
The above time allocation also does not include time spent on your job search which is another 5 to 10 hours per week. Again, if you are really focused on your career, this degree may not be conducive to that.
Important Point: The MFE is usually a two year degree. The nine month nature of the Oxford MFE attracted me because it was so short. But with Oxford, they did not lighten the load to make the degree dilutive, instead they condensed it so deeply that you cover the MFE in nine months (i.e., you are covering things twice as fast) that means your social life is essentially non-existent.
Q: How quantitative is the degree? It way more quantitative than an MBA, but less quantitative than a Masters in Computational Finance. The Math used in the MFE is limited to that listed on the website (linear algebra, multivariable calculus, loads of probability, and statistics). You can also take courses with stochastic calculus proofs (not for me though)
Q: How much coding do you need to know? How important is the coding bit?
Coding is critical to your success as an MFE, you use Python extensively in the program - hence, I would recommend taking several python introduction courses before you start the program. Although even if you don't the program will teach you everything you need to know in supplementary material, which you are expected to review in your own time (but you will have very little free time during the course so it is best to come prepared). In Python, you will use Numpy and Pandas, and it is used extensively in the Asset Pricing and Econometrics modules.
Q: I have 2+ years of work experience should I still do the MFE?
The MFE is what you make of it. I had two years of experience entering the degree and there were others like me in the program. The program is academic, and I wanted a rigorous academic degree so it worked well for me. Career services wise, you will get the same great treatment, but you will have to find ways to make opportunities for yourself as well. I had a job offer before the degree so I cannot comment too much on careers.
Q: How are your peers?
Peers are insanely smart, they have strong work ethic and are diligent. Which means that even if you were top of your undergrad you may now be average. Which for me was scary. I often felt like the dumbest person in the room and that made me nervous, I got over my fear by the end of the degree, but your peers will definitely inspire you to study/work harder.
As you may know, there are two rounds of shortlisting for the MFE Program - one based on a profile screen (call for interview); then a final decision (post interviews)... some individuals get in without interviews.
The stage to get to the interview is fairly straight forward (meet the minimum 3.5 cGPA cut-off - not sure if that a non-negotiable - sometimes the schools will make exceptions for otherwise excellent candidates - not sure if that is the case at Oxford). Also the website states meet an 85th percentile for Quant and 80th percentile Verbal and AWA of at least 5 - these are standard requirements - do not mess around get the check in the box and move on. The second thing they look at is work experience. This program is early career - so it does not require tons of internship exp. max a few months to a year at a notable institution. Ideally, you already have something lined up - does not need to be the most prestigious place but something respectable - think Big 4.
Once you have this and a strong GPA (say 3.5+) with some quant courses (think stats, economics (taught through calculus), and basic uni level business calc) - you should be set to apply. Meeting the above should give you a pretty good shot at an interview.
Once you are at an interview - your interview may be technical (very likely it will be technical) - this is a hard thing to advise on because I struggled to learn everything before the interview (I knew the content but it was not fresh in my head - think intermediate Micro, Marco, stats, prob, etc.). Your interview will likely depend on a mixture of two things - your academic background and your interviewer's background. Once you receive confirmation of your interview, start prepping by reviewing all of your undergrad econ - REMEMBER THIS IS AN ECONOMICS MASTERS more than FINANCE. KNOW YOUR ECONOMICS!!!! Then, once you know your interviewer start reviewing concepts relevant to their field as that is likely what you will be asked. You may get lucky an not get any technicals - but that is usually if you already have a math background or strong quant score, or some mix. I HIGHLY ADVISE YOU TO SCHEDULE AN IN PERSON INTERVIEW. It is a good way to visit the school and truly see if Oxford is the right place for you to study. Take a tour of the campus - live and breath the life of an Oxford student - even if you live far away take the time to visit. It will show you are serious about the program... and in-person interviews are usually better than skype.
During your interview - maintain your composure. Know exactly what you want to do - do not be wishy washy - show that you are clear in your goals - and understand precisely how Oxford can help you get there. In addition to which, please PREPARE GOOD QUESTIONS for the interviewer. I know it will be hard especially after a technical interview - but be a human and ask good questions to build a connection with your interviewer... and also to show you are thinking very deeply about your future at Oxford.
The last thing I wanted to cover was the kinds of questions I was asked and the resources I recommend to prep:
1) Case Study about Insurance in the Health Care Market - Game Theory oriented - testing Adverse Selection - the Market for Lemons (Car) and how that could lead to a market collapse
2) Resources I recommend to study from: i) Yale Online Course on Game Theory taught by Ben Polak; ii) Jacob Clifford Econ Videos (YouTube); iii) Andrei Galanchuk (all micro videos, statistics videos, applied mirco videos); iv) game theory logic riddles (see mscl. on You Tube - try the Ted-Ed Riddles).
The day before your interview take it easy.
Hope this helps!
Good luck.
EDIT: I just finished my final exams for the degree. I am going to spend the next few paragraphs providing my insights on the degree. I feel no one ever does this, so it will really help.
Few points:
1. Oxford MFE is a proper academic master's. I have never worked so hard for a degree. Studying for it is like drinking through a fire hose. On average you will have 4 fore courses (econometrics, asset pricing, corporate finance theory, and economics) for each class you will have three hours of class instruction per week plus 3 hours of supplementary class time (in which you go over problem sets - you have to attend these as they are crucial to the course work). That is 6 hours per course of class instruction. The material is *very dense* especially if you do not come from an econ background (and frankly, even if you are from an econ background). That is, 6*4 = 24 hours of class time, then for each hour of class time it is highly advised that you study 12 hours on problem sets and class revision per class per week. That is, 12*4 = 48 additional hours. On top of that, you will have to take mandatory python courses, and in our year we had async content for each course which was roughly 4 hours per week per course (4 *4 = 16). Therefore, in total you are looking at 24+48+16 = 88 hours per week. The course is designed such that you will struggle to keep up. My peers and I felt that it was impossible to keep up at all times. It is like a job staying on top of everything. You are roughly working 12 hour days studying (if you are a good student). The material is quite rigorous, and many of your peers will go on to do PhDs.
TLDR: Do not go into the degree expecting to lay back and coast - you will be working your butt off like a madman.
The above time allocation also does not include time spent on your job search which is another 5 to 10 hours per week. Again, if you are really focused on your career, this degree may not be conducive to that.
Important Point: The MFE is usually a two year degree. The nine month nature of the Oxford MFE attracted me because it was so short. But with Oxford, they did not lighten the load to make the degree dilutive, instead they condensed it so deeply that you cover the MFE in nine months (i.e., you are covering things twice as fast) that means your social life is essentially non-existent.
Q: How quantitative is the degree? It way more quantitative than an MBA, but less quantitative than a Masters in Computational Finance. The Math used in the MFE is limited to that listed on the website (linear algebra, multivariable calculus, loads of probability, and statistics). You can also take courses with stochastic calculus proofs (not for me though)
Q: How much coding do you need to know? How important is the coding bit?
Coding is critical to your success as an MFE, you use Python extensively in the program - hence, I would recommend taking several python introduction courses before you start the program. Although even if you don't the program will teach you everything you need to know in supplementary material, which you are expected to review in your own time (but you will have very little free time during the course so it is best to come prepared). In Python, you will use Numpy and Pandas, and it is used extensively in the Asset Pricing and Econometrics modules.
Q: I have 2+ years of work experience should I still do the MFE?
The MFE is what you make of it. I had two years of experience entering the degree and there were others like me in the program. The program is academic, and I wanted a rigorous academic degree so it worked well for me. Career services wise, you will get the same great treatment, but you will have to find ways to make opportunities for yourself as well. I had a job offer before the degree so I cannot comment too much on careers.
Q: How are your peers?
Peers are insanely smart, they have strong work ethic and are diligent. Which means that even if you were top of your undergrad you may now be average. Which for me was scary. I often felt like the dumbest person in the room and that made me nervous, I got over my fear by the end of the degree, but your peers will definitely inspire you to study/work harder.
Archived Said Discussion
Hi there,
You've stumbled upon an old discussion from our Said Forum
that's now outdated and has been archived. No more replies are possible here.
Interested in current discussions? Feel free to dive into our dedicated Said Forum
for all fresh things related to the Said MBA program.
Thank you for understanding, and happy exploring!
23 Dec 2020, 16:34
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This is super helpful! Quick question I have a 740 GMAT (q49 v 41). A q49 is just below a 85 percentile in quant. Do I still have a shot?
Posted from my mobile device
Posted from my mobile device
02 Sep 2023, 04:37
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Archived Said Discussion
Hi there,
You've stumbled upon an old discussion from our Said Forum
that's now outdated and has been archived. No more replies are possible here.
Interested in current discussions? Feel free to dive into our dedicated Said Forum
for all fresh things related to the Said MBA program.
Thank you for understanding, and happy exploring!
